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US to tighten rules in wake of flash crash

first_img whatsapp whatsapp Wednesday 11 August 2010 8:43 pm Tags: NULL Share Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayot Show Comments ▼ KCS-content US to tighten rules in wake of flash crash US regulators are considering sweeping measures to prevent a repeat of the so-called “flash crash” of 6 May, when the Dow Jones sparked panic by falling 1,000 points in 45 minutes.The Securities and Exchange Commission (SEC) and Commodities and Futures Trading Commission (CFTC) may extend upward and downward limits on stock movements. In June, the SEC approved rules to suspend trading in S&P 500 shares which see a 10 per cent swing in price during a five-minute period. The restrictions could be applied to securities from other indices. The authorities are also mulling a ban on “stub” quotes used by market makers.Mary Schapiro, chairman of the SEC, announced the possible steps at a hearing to discuss the freak financial event three months ago. The crash saw around 55 stocks on the S&P 500 dive precipitously in the space of minutes before climbing back to their normal levels. Among those affected were Accenture, whose price plunged from $40 per share to one cent, and Procter & Gamble, which lost 35 per cent of its market value.The SEC and CFTC taskforce will deliver a report addressing the occurrence early next month. Some members warned a similar lightning bolt could strike again. CFTC commissioner Michael Dunn said: “One thing really struck me today… what happened on 6 May can happen again. In fact, [people] expect it to happen.”One senior Democratic senator, Charles Schumer, called on the panel to force market makers to step in and provide liquidity at times of rapid, unexpected price declines.FAST FACTS | FLASH CRASHHigh frequency trading, whereby computer algorithms transact large volumes of shares in split seconds, has been seen as a possible cause.The four main US public exchanges now have “circuit breakers” on S&P 500 stocks. last_img read more

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JPMorgan winds down prop trading to meet Volcker rule

first_img Tags: NULL Share whatsapp More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com KCS-content Wednesday 1 September 2010 8:46 pm JPMorgan winds down prop trading to meet Volcker rule Show Comments ▼ WALL STREET titan JPMorgan Chase has told 20 London-based traders their jobs are at risk after deciding to wind down its global commodities proprietary trading business.JPMorgan is the latest investment bank to act on US President Barack Obama’s so-called “Volcker rule”, which requires institutions to hold no more than three per cent of their core capital in hedge funds or private equity. Goldman Sachs has already begun reviewing options for spinning off its prop trading unit.Around 75 JPMorgan employees worldwide could be affected as it closes off prop trading activities in other areas. Although the bank is ostensibly acting to comply with Obama’s financial crackdown, rivals pointed out JPMorgan suffered multi-million dollar losses betting on the direction of coal prices earlier this year. Blythe Masters, the head of JPMorgan’s global commodities group said the closing of the London desk would not hinder the firm going after “long-term” growth in regions like Asia. Bank of America and Citigroup are also thought to be planning to exit prop trading. Morgan Stanley largely closed down its own-book trading operations two years ago. whatsapplast_img read more

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Investment association says banks liable for clearing house

first_img Investment association says banks liable for clearing house Show Comments ▼ whatsapp Thursday 16 September 2010 9:03 pm Share whatsapp THE Investment Management Association (IMA) joined critics of the European Commission’s draft proposals on short selling and derivatives yesterday saying banks rather than long-term investors should foot the lion’s share of the bill for a proposed new central clearing house. The IMA said the proposals risked leaving pension and insurance funds potentially paying over the odds for the clearing house despite posing less risk to the financial system than other investments.Jane Lowe, director of markets at the IMA, said: “Investment managers are not asking for exemption from legislation or for a special framework: they want to see issues relevant to their clients addressed. Measures to constrain irresponsible speculation are required, but these should not be implemented in a way that adversely affects stable long-term investors. As things stand, the costs of central clearing are likely to be borne disproportionately by end investors, despite the fact that they present an extremely low risk to the system.“We call upon the European institutions working on this legislation to engage with investors and re-evaluate the key provisions.” KCS-content Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Tags: NULLlast_img read more

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Government launches green deal

first_img Tags: NULL Energy secretary Chris Huhne yesterday announced plans to create almost 250,000 jobs in green industries as part of the coalition’s drive to be “the greenest government ever”. Speaking at the Liberal Democrat conference in Liverpool, he said the “green deal” would lead to thousands of workers modernising around 26m homes to make them more energy efficient. CBI director-general Richard Lambert said: “We welcome Huhne’s commitment to developing clean coal and gas through four carbon capture and storage plants and his recognition of the important role new nuclear power will play in a low-carbon future.” But he said the CBI was against the idea of raising the EU emissions reduction target to 30 per cent. Tuesday 21 September 2010 8:27 pm KCS-content whatsapp Share Show Comments ▼ Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Government launches green deal whatsapplast_img read more

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Irish government targets €4bn cuts

first_img KCS-content whatsapp Tags: NULL whatsapp Irish government targets €4bn cuts IRELAND’S government is understood to be targeting target savings of €4bn (£3.5bn) in the 2011 budget as it seeks to get its fiscal crisis under control.Finance minister Brian Lenihan said this week he would need to go above an initial target of €3bn in savings from next year’s budget and would unveil a four-year fiscal plan in November after estimating the cost of saving the banking system could top €50bn.Citing unnamed sources, The Sunday Business Post newspaper reported Lenihan would need a €4bn package for the 2011 plan, which will be unveiled on 7 December. The Sunday Tribune, also citing unnamed sources, said savings of up to €4.5bn would be needed in Ireland’s fourth austerity budget in two years. Share Show Comments ▼ More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Sunday 3 October 2010 10:55 pmlast_img read more

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Focus Solutions contract win

first_img Focus Solutions contract win KCS-content whatsapp Focus Solutions Group, a provider of multi-channel distribution software to the global financial services industry, yesterday announced it has won a contract with a major global bank, which it declined to name. It said the contract is worth approximately £10m, comprising £6.5m in licence fees, approximately £2.5m in implementation services and a further £1m per annum in support and maintenance. In addition, Focus Solutions says the contract will be worth up to an additional £10m over the following five years from annual support and maintenance fees, transaction fees, and additional implementation services. The firm said it will provide the bank with support for over 1,000 advisers, as well as providing a channel for 5m account holders. Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Monday 4 October 2010 8:30 pmcenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical Genius whatsapp Show Comments ▼ Share Tags: NULLlast_img read more

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Big three recruitment firms are expected to post solid growth

first_img Big three recruitment firms are expected to post solid growth Share KCS-content Tags: NULL whatsapp Show Comments ▼ whatsappcenter_img THREE of the capital’s largest recruitment firms are due to provide trading updates this week.Robert Walters is due to report third quarter gross profit today. Hays is due to publish first quarter growth figures tomorrow, while Michael Page will announce third quarter figures on the same day.Fund managers Collins Stewart yesterday forecast gross profit in the range of £110m and £113m for Michael Page and £40.5m for Robert Walters. However, it said it expected growth to be broadly flat at Hays, arguing its exposure to the public sector in the UK could potentially hold growth back despite the fact it is making greater in-roads into continental Europe and Asia. Collins Stewart upgraded its recommendation on Robert Walters to “buy” from “hold” while remaining neutral on Hays and Michael Page. Hays only announced its full-year results to 30 June five weeks ago.An City insider told City A.M. that analysts will be looking to see whether it has lowered its public sector exposure since then. Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndo More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com Tuesday 5 October 2010 7:48 pmlast_img read more

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SABMiller

first_img SABMiller Monday 18 October 2010 7:51 pm whatsapp SABMILLER yesterday painted a mixed picture with Europe lagging behind emerging economies – particularly in Africa – with lager sales.The company has even resumed reporting results in Zimbabwe after the stabilisation of the currency.On an organic basis volumes were up 14 per cent in Africa while dropping five per cent in Europe. It is a trend which has been showing up on the data for some time now. The company has been busy buying up local brands and planning for the future as the UK market, and others, go flatter. As the world economy picks up the drinks giant should be well placed to jump on the opportunities being planned for in Asia and Africa. According to Sam Hart at Charles Stanley “the current valuation suggests that good future prospects are fully discounted in the share price”.That synopsis seems to ring true, with the shares a hold for now. The breadth of the company’s assets make it vulnerable to political upheaval across the globe but it has strong localised management. whatsapp Tags: NULLcenter_img Share KCS-content Show Comments ▼ More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comConnecticut man dies after crashing Harley into live bearnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.com Video Carousel – cityam_native_carousel – 426 00:00/00:50 LIVERead More Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndolast_img read more

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AZ Electronic to all but double IPO stock on offer

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesDiscovery23+ Sports Stadiums Around the World That Are Abandoned NowDiscoveryMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com Share KCS-content whatsapp Show Comments ▼ AZ Electronic Materials is set to hike the amount it will raise in its London listing.The specialist technology company, led by boss Geoff Wild, which produces chemicals used in Apple’s iPad and iPhone, was planning to offer $400m (£254m) of new shares and $100m of existing stock.However, this will now rise to $490 of new stock and $310m of existing stock, as private equity investors Carlyle Group and Vestar Capital Partners aim to cash in on the renewed appetite for initial public offerings.The shares are expected to be priced in the mid-range at around 240p, valuing it at around $1.45bn – making it a contender for a FTSE 250 ranking. Carlyle and Vestar are both expected to retain a large holding in the firm. center_img Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Wednesday 27 October 2010 8:55 pm Tags: NULL AZ Electronic to all but double IPO stock on offer whatsapplast_img read more

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easyJet pays first dividend as profits fly

first_imgTuesday 16 November 2010 8:47 pm Share whatsapp easyJet pays first dividend as profits fly EASYJET said it will pay its first ever dividend in 2012 yesterday, as it posted a near three-fold rise in full-year profit thanks to rising passenger numbers and a lower fuel bill. The budget airline will also launch flexible fares this year in a bid to boost its share of business travellers, the company’s new chief executive Carolyn McCall said yesterday. Pre-tax profit at the firm rose to £154m for the year to the end of September, up from £54.7m last year, on revenues up 11.5 per cent to £2.97bn. McCall, who joined from the Guardian Media Group in July, said the decision to shell out for a dividend was not entirely down to pressure from the firm’s founder, Stelios Haji-Ioannou. “The time is right to set in place a formula to trigger a dividend payment in years when the company is profitable whilst at the same time ensuring that it retains a conservative capital structure,” said McCall. “I think [Stelios] has been extremely constructive and we have a working relationship and a dialogue, which is a move forward,” she said yesterday.Stelios released a statement welcoming the dividend, though he added that the payment should be increased to 50 per cent of earnings per share over time. McCall said her wholesale review since joining the business has revealed “a strong business model and sound strategy with which to build”. She said easyJet would start to publish punctuality statistics from January 2011 and improve the crew rota to try and minimise disruption from outside events such as industrial action or volcanic ash. whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap KCS-content Show Comments ▼ Tags: NULLlast_img read more